RBA interest rates live: Reserve Bank of Australia meeting today before cash rate decision and announcement – latest news

The Reserve Bank of Australia is set to meet and potentially raise interest rates to a 18-year high on Tuesday. This fifth hike this year would bring the cash rate to 4.85%, the highest level in 18 years. Prime Minister Anthony Albanese, currently in Saint John’s, Antigua and Barbuda for the Commonwealth heads of government meeting, has faced criticism for being out of the country during the decision.

However, he emphasized the importance of engaging in the world to address national security interests and strengthen the economy.

Labor Party Treasurer Jim Chalmers explained that the government is actively working on finding savings in the upcoming mid-year budget update, which is scheduled for December. The powerful expenditure review committee has already met and will convene again to discuss potential savings. Australians are bracing for a "difficult decision" as the Reserve Bank prepares to announce its interest rate decision. Regardless of the outcome, there is still work to be done to make the budget as tight as possible.